First Guardian investors recover just $8m of $512m invested
Liquidators recovered only $8 million from $512.8 million invested in First Guardian and Shield schemes. Most of the funds went overseas.
First Guardian investors who invested their superannuation face devastating losses. Liquidators recovered just about $8 million from the $512.8 million invested, which represents only 1.56 per cent.
Most of the money was sent offshore into property and speculative tech start-ups. Of the $8 million recovered, about $7 million went to liquidation costs and legal fees.
More than 6,000 First Guardian investors do not yet know if they will get anything. Melinda Kee lost $400,000 of her retirement savings.
She called the update "utterly devastating". Some investments are considered lost with little chance of recovery.
Court hearings for major players in the scheme are set for November and December.
- $512.8 million
- Total invested
- $8.02 million (1.56%)
- Amount recovered
- ~$7 million
- Liquidation costs
- 6,000 First Guardian investors
- Affected investors
Why it mattersInvestors face losing nearly all their retirement savings. Compensation schemes cap payouts at $150,000.
AustraliaThousands of Australian retirees and near-retirees have lost hundreds of thousands in superannuation each, with minimal prospect of recovery.
✓ Claims checked against the source. checked 18 h ago
